Sajjan Jindal-led JSW Infrastructure on Thursday said it will acquire a 70.37% shareholding in Navkar Corporation for around `1,012 crore, marking its entry into the logistics sector.
The company has entered into a share purchase agreement with certain promoters and members of the promoter group (sellers) of Navkar Corporation
JSW Ports will discharge its payment obligations under the proposed transaction by way of cash consideration, the filing said.
Following this, the company will launch an open offer at a price of `105.32 per share to buy an additional 26% stake from public shareholders at a total cost of around `413 crore, the filing stated.
“Pursuant to the open offer, assuming the entire 26% is validly tendered and accepted in the open offer, JSW Port will acquire 39,134,988 equity shares, constituting 26% of the target’s total equity share capital,” the filing said.
The acquisition will result in JSW Infra’s foray into logistics
“The acquisition aligns with the company’s strategy to pursue value-accretive organic and inorganic opportunities in the port and related infrastructure sector,” JSW Infrastructure said, adding that it will result in its foray into logistics and other value-added services.
“It will facilitate the business to offer improved port connectivity and streamlined supply chain solutions to its customers,” the company added. It will also get access to 283 acres of land bank in the Mumbai Metropolitan Region.
Navkar Corp is engaged in the logistics and cargo transit service industry
JSW Infra owns ports with a total annual operational capacity of 170 million tonne. On the west coast, it has three ports and three terminals. On the east coast, it has four terminals. By FY27, the company plans to take its total capacity to 258 MT and by FY30 to 400 MT.